Ormat Technologies (NYSE:ORA) Given New $90.00 Price Target at Barclays

Ormat Technologies (NYSE:ORA - Free Report) had its price objective upped by Barclays from $86.00 to $90.00 in a research report released on Thursday,Benzinga reports. Barclays currently has an overweight rating on the energy company's stock.

A number of other brokerages have also weighed in on ORA. Robert W. Baird began coverage on shares of Ormat Technologies in a research note on Thursday, March 13th. They issued a "neutral" rating and a $81.00 price target on the stock. Jefferies Financial Group upped their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, March 25th. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a report on Monday, April 7th. Finally, Baird R W upgraded Ormat Technologies to a "hold" rating in a report on Thursday, March 13th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $84.71.

Ormat Technologies Trading Down 0.8%

NYSE:ORA traded down $0.73 during trading hours on Thursday, hitting $87.82. The stock had a trading volume of 528,168 shares, compared to its average volume of 488,062. The business's 50 day moving average is $78.86 and its 200-day moving average is $72.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 42.63, a P/E/G ratio of 4.27 and a beta of 0.64. Ormat Technologies has a one year low of $61.58 and a one year high of $88.60.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The firm had revenue of $229.76 million during the quarter, compared to analysts' expectations of $228.33 million. During the same period in the previous year, the firm earned $0.64 earnings per share. The company's revenue was up 2.5% on a year-over-year basis. Sell-side analysts anticipate that Ormat Technologies will post 1.94 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were paid a $0.12 dividend. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 annualized dividend and a yield of 0.55%. Ormat Technologies's payout ratio is currently 23.30%.

Insider Activity

In related news, Director Dafna Sharir sold 1,601 shares of Ormat Technologies stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the sale, the director owned 3,238 shares of the company's stock, valued at approximately $277,269.94. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stanley Stern sold 547 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.54, for a total value of $46,790.38. Following the completion of the transaction, the director owned 6,137 shares of the company's stock, valued at approximately $524,958.98. This represents a 8.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,329 shares of company stock worth $423,443. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after acquiring an additional 955,883 shares during the period. Norges Bank acquired a new stake in Ormat Technologies in the 4th quarter valued at about $62,851,000. Canada Pension Plan Investment Board grew its holdings in Ormat Technologies by 7,951.9% during the first quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company's stock worth $46,726,000 after purchasing an additional 652,055 shares during the period. Dimensional Fund Advisors LP grew its holdings in Ormat Technologies by 19.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company's stock worth $133,770,000 after purchasing an additional 303,756 shares during the period. Finally, Vanguard Group Inc. increased its position in Ormat Technologies by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock worth $409,305,000 after buying an additional 274,540 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.